Further Improvements To Pensions For Ontarians

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Further Improvements To Pensions For Ontarians

McGuinty Government Continues to Modernize and Strengthen Retirement Income System

Reforms to be introduced today will further strengthen Ontarians' pensions, addressing concerns of workers, retirees, and employers.

The Securing Pension Benefits Now and for the Future Act, 2010 builds on the first phase of reforms that passed unanimously last Spring. Extensive consultations with partners and the public led to these reforms, which would:

Ontario continues to call for a modest and gradual expansion of the Canada Pension Plan and is advocating for pension innovation. It would harness Canada's world-leadingprivate sector expertise to provide more efficient, lower-cost retirement options for Ontario families.

Quick Facts

The government's reforms to date will have responded to about two-thirds of the 142 recommendations in the Report of the Expert Commission on Pensions. Remaining recommendations will be considered for inclusion in future reforms.

Before the reforms introduced by the province in 2009, Ontario's pension rules had been largely unchanged for more than two decades.

Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada.

Additional Resources

Quotes

“Strengthening and modernizing the Pension Benefits Act is an important part of adding to the security of retirement income for Ontarians. Taking the necessary steps today to preserve the quality of life for our future seniors is crucial to the health of our economy.”